Charles Hoskinson, the founder of Cardano and CEO of Input-Output Global, has offered to help CEO of Tesla Elon Musk to build a decentralized version of micro-blogging social media platform, Twitter.
Elon Musk Wants to Buy Twitter
The centibillionaire recently purchased a 9.2% stake in Twitter for an estimated $2.89 billion USD. However, Musk decided not to join the social media platform’s board of directors after some deliberation.
In order to “implement free speech” on Twitter, Musk has offered to buy the platform for a reported $43 billion in cash. The purchase would help Musk to, as he put it, “go through the changes that need to be made” at Twitter.
Hoskinson Proposes Building a Decentralized Twitter With Musk
The CEO of Tesla had previously criticized Twitter for failing to adhere to the principles of free speech. Musk, who owns a 9.2% stake in Twitter, said that he would have to reconsider his position as a shareholder if the bid is rejected.
In response to the news of the offer made by Tesla’s boss, Hoskinson offered to build a decentralized social media platform with him. He addressed Musk on Twitter saying:
Hoskinson’s offer comes a few weeks after Musk’s poll on Twitter suggested that he favors launching a decentralized social media platform that adheres to the principles of free speech.
On the Flipside
- Musk’s bid has been met with severe criticism, with Dogecoin co-founder Jackson Palmer criticizing Musk for attempting a hostile takeover of Twitter.
Why You Should Care
Musk’s move to create a Twitter that supports free speech has been met with mixed reactions, with some opining that his true motive is to get back at the SEC.